USAP - Earnings call transcript Q2 2024 | Universal Stainless & Alloy Products, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Universal Stainless Second Quarter Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, June Filingeri. Please go ahead.

June Filingeri

Jessinda. you, Thank Good morning. Comm-Partners, to welcome call the of I would and Filingeri also and Universal to June you like is webcast. This Stainless conference

XXXX General us Financial here reported Executive Zimmer, and Officer; are to Chief Vice the Officer. Steven Chief second We President DiTommaso, Arminas, and President discuss President and this and management from quarter morning. With John are Counsel; Chris company's results Vice

formal After remarks, management, to will Before I management me review has procedures call made questions. turn your let again. we quickly take over the

statements, conference will time. XXXX of make Securities and more press which in today's in call, Our I operator procedures Exchange the Private Securities in described instruct are at Act will Also, the this like would and you that management remind these forward-looking you on the fully Reform that release to statements filings under Commission. of please and with company's note the to risks related Litigation morning's

I to ready these to would are With now begin. we call complete, turn over Chris Chris, like formalities Zimmer. to the

Christopher M. Zimmer

Thank morning, and for everyone, thank us. joining Good you, you June.

second $XX.X The hit of share gross period was income net all-time for XX% sales. significant million sales, adjusted $X.XX of and an was of of record million, high XX.X% margin $XX.X EBITDA or a million reached $X.X quarter Universal. Sales diluted record achievement or a record of per a

our customer the and result growth delivered in capacity achieve other to focus market defense premium of a direct focus ability foreseeable this market with capital Our for mix strategic substantial and a the product investment commercial and future. approvals for level and a alloys aircraft sales namely our is and has products of That capabilities, in and critical broader base aerospace in profitability of potential richer applications.

driven sales, the mix at quarter projects in combined of sales of indicators we the continue projects, our change with and second quarter-over-quarter, products, new in is margins These improvement total premium put adjusted achieved this $XX.X profitability of the XX% important XX% achieving. in growth in alloys with are we aerospace. The and are the of XX% margin second premium level An to of of year-over-year of by representing evidence driver million sales change mainly aerospace targeted acceleration progress, profitability. record margin represent market EBITDA, towards of quarter which of in total a the aerospace place. sustainable the our our and we level and structural XXX% our increased As

higher with second selling our quarter commodity along from base stabilizing prices, prices. benefited Additionally,

invest to facility continue our We in this to capacity, XXXX shell and our the the at for middle Jackson a the at growth support and we forge. box XX-ton furnace adding in quarter of VIM alloy a new premium are furnace second North

working on reduction generated also debt million as to quarters $XXX We expenditures down generating and capital cash $XXX bringing capital operating strategic $X.X at to net the positive reduction the million debt. In fully focused the well solid and paying of decrease second the remain debt another quarter, quarter. over X million, of past cash XX%. $XX versus our end the totaled was at total quarter remained flow managing activities by fund Backlog first $X end million, second total at the a the of million as

We news production quarter levels those to was on second projects X% manufacturing work in better an the from an production enabling hourly Jackson realizing serving agreement our entries projects, the employees shareholders. front quarter new investments strategy. A value was Stainless operations year in believe and progress facility. in process, increased the throughout which North and plants. the our benefit in lead the in at modernization are further stability over with XXXX a good substantial X-year growth customers order our and of to this in that return our our increase and in of contract our an essential the positive follows North our month XXXX our we and serves Universal positive it building with further signing our The a production manage the capabilities the development to with achieving we the pull It's of best for We our employees, to in and the standpoint, have a up facility maintenance our them competitiveness. From strengthening was the shareholders. as while reflects times, Jackson workforce second there are of Russell quarter in collective sequentially past growth total our process our XX% continuing Through our capital indexes. order sequential objectives to bargaining earlier customers interest improvements capital ramp. There role first

Turning to markets. end our

begin me aerospace. Let with

up the approvals optimism in future record the both and market of second Show customer where of to from on demand a inroads the defense, customer we of The aerospace just strong and deepening about were remains XX% aerospace were Air for from successful well quarter Year-to-date Farnborough both as commercial, expanding Universal enthusiasm current XX% was major relationships increased from up further million, Second opportunity quarter importance of $XX.X base in the fronts. as the as to million. I've first as returned XX% sales on show the the XXXX. ever. make quarter our the $XXX.X sales and

order meet Qatar Airlines. Boeing, As for orders, Airbus Boeing's aircraft also focus for There for on including both major single-aisle wins wide-body the XX XX to show commitments. a XXX-Xs Dreamliners and show. including plan XXX their quality customer an XXXNEOS. one the was and expected, Boeing Japan Japan from Airbus deals order announced at Airlines, won from Airlines were at for and air safety, an encouraging for

XX MAX, the While seeing COO, rate Boeing Stephanie their they XXX improvement XXX for Pope, their of of few of recently factory and significant target flow production pushed air MAX the in months, to return the are to the by XXX at this parts with airplanes plans back, told the for continued year. They in she a rates. of per supply confirmed their by reporters per show month that ensure a steady producing to end production month continues the date, X XXXs sufficient improve. to year Boeing supply chain of also inventory has as the later work and this To plan reliability to ramp-up production

million in recent and which defense extraordinary record the had While increasingly passengers from their on in airlines are as to for to market, new, adjustments, an have point commercial The only urgent a monitoring deliveries. fuel-efficient seen July we forecast on screened there need the cancellations. Confidence pre-COVID recovered production in expansions opportunity. postpone are fundamentals route travel customers demand is aerospace sustainable fleet aircraft minimal airplane plans. replace TSA air growth and our closely as only surge based levels, no to and and the dates, target aerospace and planes X. underpinning to air been of support has continued more have expansion Not order pushback travel but airlines overdue up demand have X they aging driving is growth The await

can potential MRO, we aerospace which of the planes new and X% of than more is be of the delay XX% market be seen about bookings aftermarket combined to ironically, business. size XX,XXX estimate the in driving the totals aircraft. our to net aerospace which and Boeing commercial Somewhat in The parts segment, another aerospace Airbus,

aerospace is combat premium require advanced military for helicopters, and alloys. and our defense Ongoing That in increasingly and received overall including XXXX, aerospace countries. substantial we increased at OEM All are XX%. NATO defense. spending, and are systems capacities new combined of of representing approvals In billion part need trillion of today all also for growth. defense military this alloys years weapon the global translates demand and growing which recent fundamentals our with a primary drones in is reached aimed budget fighters, budgets to U.S., capabilities number come. Strong the to extensive in in driving expanding commercial resulted $XXX industry and the premium record $X.X The and have of and geopolitical at drivers XX% that important demand, vehicles, into for XXXX jet sales have in in the years military modernizing conflicts technology strength a specialty

in the we market have Our strongest company position in is been opportunities. aerospace the to to respond

markets. versus changing of sales of quarter for for of in quarter. of balance our or were the slowed. growth quarter market engine $X.X equipment hesitant pace GM, second the build vehicles, strengthen than vehicles. which face Heavy in market million to the EVs X.X% their to hybrids and gas-powered XX% models while is sales, Turning inventory Customers remain sales of example, demand the EV second saw the lower first gas

they growth, electric of coming although introduce pace positive for tool are are new plan steel for months. Model a driver the slowing a the Given in or back EV do demand pushing whether hybrid electric new vehicles. of other they to changeovers Buick plans gas-powered, demand, EV models vehicle,

and year. our general the to up the remain amid remain market as quarters the XX% category to production continues are sales power or modest. continuing and second is of gas direction million the in sales heavy the reflects the lower the the market capacity make but The the than semiconductor prospects in this quarter, quarter in grow, semiconductor levels sales XXXX, had demand robust are generation better manufacturing totaled quarter, to last to later quarter investments which and CHIPS sales, and industry reported quarter We from market new expand. General $X.X second up capacity quarter, in of as up We industrial have rapid XX% oil year. X% recent AI increase to development to in but XX% is or our than of and production of X% substantial the positive U.S. year as market sales in second we X.X% we as expect our Act. once market plan second lower return which markets market which our separately strategy the U.S. in products and sales better help our but our gain equipment historic The confidence and lines. Energy totaled election, long-term in sales first has mainly semiconductor first to to last XXXX the with energy to million clarity to aerospace future pick demand automotive production the into from the post to continues prior $X.X traction sales industry energy energy to expected shifted sales, combines which from manufacturing, returns We quarters. in this

to XXXX. strengthening market from sales benefit poised industrial general in post our expect improve dynamics to and remain We election

next sales Looking and puts us cash quarter increase our more backlog a at the operations. generating strong our position balance of from great free the flow year, further expand in to margins,

Now on turn let over call report me our the financials. Steve his for to

Steven DiTommaso

Thanks, Chris. Good morning, everyone.

with numbers, record our see sales continued aerospace our line has the As second products, you consistent market effort can of execute to delivering the on robust in $XX.X quarter, million. our expectations. This the our a is growth from fueled in by for sales quarterly team top

Our conversion This by overall by the soft services. market, included lower the in end increase a offset strong equipment driven heavy increased partly market shipments X%. quarter by volume and of end shipment demand compared aerospace with first lower shipments the shipments, in

after Our expectation U.S. election later in XXXX equipment heavy for recovery cycle the of year. is this strong completion

as This has EBITDA. organization yields. projects delivered income, and by delivered throughout gross EBITDA measured Additionally, have margin, or income, the layered adjusted improvement lower continuous profitability operating better record net costs

earlier in totaled first of earnings laws XX.X% diluted of tax new $XX $X.XX quarter the company's trails tax and X sales total X factors. benefited improvement the quarter XXXX, only is history, per last was driven The primarily with million XX.X% much quarter when the quarter and compared of margin in adjustments significant the of quarters in Our by sustainable the sequential of sales, year. or driven from last first share diluted fourth lower. Gross XX.X% from by share which much

richer a yield and higher First, of specifically base of cost our aerospace of mix product profitability. improve impact executed and products to the finally, recognition the ongoing Also initiatives prices.

maximizing to our Our million foreseeable of the due administrative the is expectation $X.X the and and $X.X to to the of compared costs quarter drive second costs, year. expenses future through initiatives to aerospace while in defense. Selling, has million in last profitable margin general and continue totaled for Quarterly XXXX employee-related million supply compared $X.X growth first business and increased with quarter the second execution project to SG&A support audit quarter in expenses. and accounting insurance higher

the through second million SG&A approximate of expect per half We this $X.X to quarter year.

each that Our the which both our of the last for the calls the million, to the balance on income committed that growth we quarter last margin the meaningful over and the increases through we as X realize year. good operating more statement, company is will operating two the see fall initiatives is a announced come We were $XX.X from There XX income years. of is income those benefit record. the of impact of factors in to price quarter

rates. expect in was a we rate flat, XX%. that quarter, our debt $XX,XXX income reduced by in of an but tax benefited our basis end the resulting of our above reduce total We total of for opportunity our SOFR, and also Term our And to our the QX for another of in we going interest QX of lower for about spread SOFR drives the the benefit which reduction rate and by rate majority point debt in effective the achieved recorded for first to the bank debt expense QX reduction see interest the $X.X to income statement. We XX a quarter, average relates to first million the expense This benefit XX will basis relates levels points of $X.X $XXX,XXX near to $XXX,XXX had quarter. and forward. million tax lower rate decrease the

million $X.XX. EPS compensation a year-to-date, of $X.XX XX.X% diluted quarter XXXX, The XXXX EBITDA add-back adjustment. EBITDA more XX% the an to and and to EPS QX the current diluted of over the figure is noncash $XX.X in since the of XX% tax QX for company For annual the which share. from items. Net level was brings the doubles and a effective year-to-date rate quarter diluted discrete was income $XX.X quarter compensation QX highest million. the per $XXX,XXX and $X.X than is million, share or tax excluding ETR benefited benefit related highest the for was This includes share-based includes a and projected fourth growth Adjusted history.

items $XX.X the AR the about with CapEx QX $XX for our inventory along on generated quarter. million capital $X sales income working support adjusted noncash expenditures, bringing to grew net and as VIM $X.X by from grew VIM during timing million. million to Our capital sales. We ramping grew of million increasing spent production year-to-date We

$XX year XXXX to full We total expenditures expect capital approximately million.

million about Our in $X debt paydown was QX.

our the revolver and rest decrease We for debt Chris. year. That concludes expect financial to the quarter back our to pay net down I'll of the and each update, hand the call

Christopher M. Zimmer

new diluted EBITDA quarter Steve. and $XX.X Thanks, $X.X of reached in sales adjusted $X.XX gross the net record per sales and In record summary, record of XX.X%, share second income with build can structural record million projects, it. profitability alloys upon margin combination of with our we of That achieve. or $XX.X as on levels to going million. The and forward, margins focus is of premium plan and improvement transformational our margin created change targeted has we've a aerospace we in been sustainable the million, change

We capital debt alloy generating our flow also fully positive while We capacity reducing efficiencies reduction. cash working and invest debt. managing and investments on focused capital, remain continue in further to to fund premium

For we our the our of opportunities to see balance to line and continue gross top this grow margin. year, expand

ready we're said remarks. concludes for in I highly growth beyond. This momentum our formal optimistic about and for Operator, release, remain strategy As XXXX we and our today's questions.

Operator

comes Our [Operator at Phil first Instructions] is question from KeyBanc.

Philip Gibbs

the and that you this mentioned on just of initiatives some Question morning. was you capital incrementally what have spending

are sounds more growth then potential the the goals today you debottlenecking year, and you like of them. you items end on bigger That next size some being and but us of initiatives currently, it's commissioned and current through So what VARs the to then of what take the time or at where have year mentioned announced the and this relegated you kind more are? of

Christopher M. Zimmer

Yes.

Our spending capital to $XX capital million year, is in the this be neighborhood. going

we go call expect that a towards that, to little what can You half more of than half sustainability. of

So million about got modernization the legacy $X this upkeep maintenance going and projects. towards is We've of equipment. the

starting levels generation the in the back workers to and modernization enjoyed able efficiently and $X plants workforce technology to we to a really contained are in of be is going take production the more the and to had, the are a to a furnaces. capacity, our bit of is plants, in that advanced these finally, require hold and of safely CapEx of work new this time These the alloys we neighborhood ROI the throughout the that we're to ability call, helping million. So for the production get all are they of the be be million us number implement that had $X as pre-COVID little expanding when each that the we've side things spending tribal some been going levels quarter. And I producing efforts knowledge what more to more furnace growth in like

putting furnace money adding and the down year a gave side. like able at we're pull-through finishing the you that So Hopefully, VIM enhance for forge next capacity be investments to or the investments answers a areas on either number bit are it, that I our little of into downstream, Phil. color. of areas to

Philip Gibbs

targeted of at the need moment? are bottleneck describe labor your thoughts curve you there And that do up in got the any right you the coming feel secondly, right on capability? folks of you've front, would What now areas terms capacity primary like then there? to or add as set Or more you the

Christopher M. Zimmer

Yes.

about So let what's little been times. me bit lead pacing a talk

have another has area We been in ramping primary with to pacing baked track into in times. record We're production VIM at strong to quarter, production products, quarter, melt got backlog. we've quarter all the premium our the VIM lead very line a third what For melt have here the been did really has on that there.

lead production VIM finishing, particularly of smaller on diameters, lead times, because pacing the labor and has I'm the simply product. From retain of pacing workers diameter be. labor nature the it a melt small to not also We through another to area been at standpoint, seen times intensity that pull continue has have Aside opportunities level. stability from been still we but better a where we have want higher to of

which efficiently them production those shy to we to I working of following get return really think we're half this that safely move and close back to working and into we'll we we the second them expect the levels, to getting XXXX, of just to levels. need production As instructions through work now. right at, as I we're But year levels pre-COVID those

has good labor stabilized. we But It's improved. up better those get think can reliable workers need. staffing and I So fully that we continue still to securing

Philip Gibbs

And So over? still net or the there thinking misalignment raw should there's outstanding, on year? X have questions, working still -- or is any how we X have on the about the was and capital margins going guess X of over I I misalignment. any and on be within capital whether you then the balance that that know net material been not that, working but And obviously

Christopher M. Zimmer

Yes.

that bit that annual by little see little the ahead up there second went did late second melt inventories you'll outages knowing melt in bit So is primary that in a our get ourselves the planned quarter. in some a at had The design maintenance quarter, shops. of we driver we

levels we time down the quarter bring quarter back here. So by capital we inventories levels first working our ending exit our to the and will third

Phil. realigned levels getting to remind under second back your control, So commitment and inventory on keeping question getting grow our to that while down top me those line there, flat our back inventories

Philip Gibbs

you what raw quarter? in half? the there And the material second Was misalignment back any in do expect

Christopher M. Zimmer

the to very only It specifically It to the $XXX,XXX out. see that got misalignment was call didn't the we quarter. Yes, an impacting second adverse it we where $XXX,XXX point was it minor. about

in So in in type to just stability expect here we're third raw now but that any misalignment of the modestly don't surcharges I have negative, material quarter. the enough seeing and a flows it

Operator

Sales call Bob LMK from at Capital next Our Management.

Robert Sales

quarter. couple of Nice A questions.

goes mix, premium defense much aero? to into alloy were versus all, how commercial premium alloy you -- guess that First on much the of if of how

Christopher M. Zimmer

The majority.

to themselves themselves The structural within part products fixed-wing on So components craft the the business. to premium alloys helicopters. of defense fighter and both on also lend the applications, premium lend engine

and products aerospace but going engines jets, got that are you've engines obviously, premium side in into these fighter commercial business. of are So the the also

say it defense into aligned I'd with cut, applications X/X rough premium commercial X/X of and are So about applications. engines those about for of ultimately products

Robert Sales

relief expand fact you mentioned that the mentioned can on touch right. the year, you then little in order constrained and bit? earlier entry. not think -- on were have -- into you you I orders now, that entry, backlog on And but you some you that's were putting I I'm Okay. system meant order you're the customers probably some you given and a sure the more with throughput assume working by that I'm that what can about with

you expand can little a on So that bit?

Steven DiTommaso

there, you in range depending driver they very difficult It time, plan that lead XX-week back, we size particularly Yes. it look The in being visibility with a had customers high the primary products. out range that to demand our the as XXXX, at that on backlog, for the that out had were far XX- for times watermark makes have. to of we premium when alloy upon

that And are line new the call by it, allocation we've we've that book but working from, for our so spot alloys. them to comfortable customers, gone that entry an a been we've periodically orders. done on walking we've they order back days, controlled mid-XXs to in with these on going those basis, times. And layer they right in feel So with assuring times lead to premium order around a up XX-week controlling XX customers lead just opening been us, have to

on walking times. level in we've lead in we the continues total come, But increase. what the of been quarters of expect to that to aggregate So demand just

the competitive in they a customers. has for given So to ability with also to helped from been our enhance very this And grades the it's align good that has they're to assurance higher thing helpful sizes it's ordering and need. layer standpoint. a us what the very customers. been This them a that

So levels, as it's to growth a back to better to lead we our walk position ramp sustain going continue and production in us times trajectory. in those put our

Robert Sales

And what be what like will feel lead will -- you do your level level normalized be for do feel premium, you times?

Christopher M. Zimmer

the question because future. good industry, a I we're that, in supply. going an where the that's And demand I foreseeable for years, we've mean, still environment I'm by outpace think Well, just environment an speaking Universal not And to Stainless. where got is for

come going efficiencies, it, So as the levels. the to the sustained and the that the, be to production us XX-month range call of lot that of our the demand facility probably that ability going depend But we've Universal for matter capacity living give XX industry is growth able is and suspect we ramp is throughput more the and to premium our and to and continue these upon industry-wide to going A going are our to VIM new throughput ramp that at got some in and modest into increases to alloys capacity norm. to equipment I be there. for

Robert Sales

And lastly quarter? make level you so expect conclusions. Or the on then several Okay. it that improvements? quarters will backlog Do trend continues down erroneous expect we the any as this you that seen draw you don't backlog, do we've over next maintain to

Christopher M. Zimmer

would it bias my would move down. slightly to that I sideways be Well, think

we strong, approvals, continue while win certainty new we the the be remain share that to is think bit continue muted. to wildcard as of the markets of to We think X tied but pockets to some market a it's there defense aerospace aerospace of that clear gain The moving for business it forward. election. is extremely I is looking and continues outside those some

quite economic to markets cylinders. bolster results poised starts help we'll benefit other ready our us record industry firing going those and we're help that sure tool entry, to wake surging the latter fuel we're back meet steel I'm in semiconductor market, line too. I've for will as or turning right conservative to of Once start energy and going backlog, in well, order now, if up that plate But a pick heavy that want that and all top got bit that the we're able decide markets into not that market to up So it's a on XXXX and market to not demand. half up, approach. the they they of until be to on 'XX. see to

Robert Sales

Congratulations on the performance.

Operator

comes question Our Gibbs [Operator from Phil Instructions] from KeyBanc. next

Philip Gibbs

question the on comments the around something improvement release new profit certainly the the garnered that your sustainable efficiencies as margin you that part in cost or appeared of outcome, discussion. My was gross to

talk a it bit highlighted means and quarter? why So maybe what you about this that little

Christopher M. Zimmer

Steve initiatives reduce I'm these -- technology worked Sure. Yes, and little group it. a going engineers, yields. improve Okay. costs, operations about have ops material our to these industrial talk with bit He's closely costs, quantifying to

just it out? to So now bit Steve, do why we're you want touch base little a on these and initiatives calling

Steven DiTommaso

Sure.

XXXX -- in of to some in XXXX implemented as we margin our our plan part improvement. drive specific So projects

quality. of reviewing examples and cost product charge actively of are lower shops, and makeups some So we for melting heat trialed those our methods successfully sacrificing melt implemented without

would be example Another improvement. yield

yield some rolled attacked round business components So our and subsets of We flat different product business to drive of our we bar improvement. carved categories. out plate our

took I they P&L shipment. So work They the yield melts and as to upon some described and time those, inventory implement. improvement, through and right, effort our reach

home we're sustainable. So why and go in a message to wanted see that to those they're them of them we to starting the now. QX, away. that are part drive things improvement, margin implemented benefits of out we're which These significant that and really is won't we've highlight projects calling the They're pop

Philip Gibbs

Lastly for me, kind of on a different track.

get ago recently over time, plus when then been a decade North you and to the to you've are also big with adding capability made you acquisition where You've you Jackson. operations been sort the of

that be that So environment? building places M&A active? we've sort more interest think [indiscernible], of -- there out titanium Has X things. certain then -- by limited I M&A things used do there's with set kind there gobbled drawn the marketplace, and certainly more that by of operations there's to gotten do industry X, obviously, get the you in up. a can think, X PCC, of for time, over there capabilities have the asset the like could things the seen that in interest these Is in is environment

So there's in the out sort should that consolidation more being be there your Is in market? there thoughts broadly about of there of lack the assets But kind a lack of more any that's -- talked that by of a are industry? wheelhouse. something seemingly

Christopher M. Zimmer

Yes.

the out I that a on is of final a happen. It on, lot in is that know to looks ready getting idea Haynes. the do like there think acquiring players we We through spot doing specialty do. and you're deal what we approvals spot unique metals to go Surinox what There's not about industry.

always of I As We've a that But right having public been we types now be is around focus able susceptible our company, got can need strategy. think I to on we're tell to executing has that drive discussions. that results. backlog our eat to to those you a better into to big going continue

utilizing our to able to and around look where supplement opportunities us we can we find the them. growth we're be As for industry capacities,

of out offer fantastic, we But it's stronger. on right, build. to up planes you're our a that for needs we've being supported out way is supply is going the focus the short, find wherever grow. now But that marketplace got tight. on that is example, tight, we support to in there to only But automotive can these to we just potential a an growth. that market to industry services to partner to finishing Assets other open those VIM we'll to execute, organic way and available And but demand full have, need this realize accelerate to capacities, needs find that do is a some structure It that conversion assets we get historically in is customers. to there, keeping the ways right some people being all to us side. kind help with eyes our to in help us demand, that able had the the partners very able find

Operator

Bob sales Capital LMK comes question from next at Our Management.

Robert Sales

X did I you. for Chris, have question more

you? do really that Oates is You easy this run don't business consistently tell to Denny

Christopher M. Zimmer

no. new I've having been good in a fun We've here. no, role. No, team really a got

me a because successful good a transition So here. a really lot it's got team we've to easier made

Robert Sales

couldn't sure I question. is so listening, I'm Denny the resist

Operator

I'm questions to Zimmer will for to like call remarks. turn back Thank time. at no I closing showing this further Chris now over you. the

Christopher M. Zimmer

everyone, for this you. joining you, us morning. Thank Thank

we're of all a this The X I achieve substantial our was third year. to progress momentum, updating have rest you quarter and during the half Thanks, first during of on to forward the continuing call. progress and and of XXXX focused both day. of on great look those

Operator

This does you may participation disconnect. in Thank the program, conference. for now conclude today's you your

Universal Stainless & Alloy Products (USAP) 31 Jul 242024 Q2 Earnings call transcript